我国上市公司股权融资偏好和其对绩效影响分析.pdfVIP

Abstract Since the nineties，with the continuous progress of economic reforms，the financing channels have been broaden and the financing methods have become more diversified． Equity financing has gradually become an important source of funds．As of the end of 2008，there has been 1 625 listed companies in China and the total funding amounted to nearly 3 trillion yuan．The Equity financing has been playing a major role in promoting the national economy．However,the listed companies in China generally have a strong preference for Equity financing due to the internal govemance and external constraint mechanism．Equity financing preference have not only led to structural imbalances in the financing and inefficient use of funds，but also affected the coordinated and orderlv markets adversely．There is practical significance to confirm the existence of listed companies in China preferred Equity financing，analysis he cause of Equity financing preference，recognize its impact on the performance of listed companies，and accordingly propose appropriate policies for improve the financial structure of listed companies． In this papeL to analysis of the status of preferred equity financing，the cause and its impact on corporate performance in empirical analysis by studying the listed companies in China．There are 5 chapters in this paper：chapter I described the research background and significance；Chapter II analyzed the Status Of preference for equity financing in China in general，industry,time point of view；Chapter III analyzed the formation of the reasons for Chinese listed companies preferring equity financing； Chapter IV has done empirical analysis on some of the effects on corporate performance bought by the existence of preferred equity financing；At last，we got the results and developed relevant policies which are helpful for reducing our equity financing preference of listed companies． The empirical results show that there is a strong preference for equity financing for the listed co